Best way to pay off old debt?

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Best way to pay off old debt?

Postby bookmaster » Fri Jun 10, 2011 11:17 am

I have about $5,500 in Mastercard debt that I haven't been able to pay off for three years. I now have the money. Should I just go to my bank with the check and tell them to send it to MC?

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Mogul of Pineapples
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Postby Mogul of Pineapples » Mon Jun 13, 2011 9:32 pm

Well MasterCard is the payment network and doesn't lend any money. What you will want to do is check with the issuing bank for that card and see if the debt has been written off and sold off to a 3rd party. I have heard Capital One has been known to hold onto bad accounts for many years but most issuers will have sold off the debt within 3 years so first find out whether the bank is still holding the debt and then report back here.
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